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EUROPEAN EQUITY OPENING HEADLINES INCLUDING: BP reported another pipeline leak at its 30,000 BPD Lisburne field in Alaska

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ASIA

Nikkei fell 0.85% overnight, moving further away from four-month highs, as banks were sold on growing investor frustration with governments’ inability to solve the debt crisis in the US and Europe. (RTRS)

Best performing sectors in NIKKEI 225: Telecommunications (+0.11%), Basic Materials (+0.08%), Financials (-0.44%)

Worst performing sectors in NIKKEI 225: Utilities (-2.12%), Technology (-1.44%), Consumer Goods (-1.20%)

US

Equities finished in negative territory, amid concerns that officials are not getting any closer to solving the ongoing debt crisis in Europe. In terms of the sector break down, all 10 sectors finished in the red. Finally, DJIA closed at 12385.16 (-0.76%), S&P 500 closed at 1305.44 (-0.81%) and NASDAQ 100 closed at 2344.01 (-0.54%).

Best performing sectors in S&P 500: Technology (-0.25%), Oil & Gas (-0.48%), Consumer Goods (-0.74%)

Worst performing sectors in S&P 500: Financials (-1.32%), Industrials (-1.17%), Consumer Services (-0.96%)

IBM - Q2 operating EPS USD 3.09 vs. Exp. USD 3.02, Q2 revenue USD 26.67bln vs. Exp. USD 25.35bln, Q2 adjusted gross margin 46.8% vs. Exp. 46.1%. Co. boosts forecast for year and sees year operating EPS at least USD 13.25 vs. Prev. view of at least USD 13.15. (RTRS/Sources) Co. shares up 2% in after-market hours. 

Wynn Resorts - Q2 adjusted EPS USD 1.60 vs. Exp. USD 1.03, Q2 revenue USD 1.37bln vs. Exp. USD 1.27bln. (RTRS/Sources)

Cisco – Co. plans to cut 15% of its staff (around 11,500 jobs) and sell a set-top box factory as part of a plan to cut annual expenses by USD 1bln as the co. tries to revive its fortunes. (RTRS)

Boeing/ EADS – AMR Corp’s American Airlines is likely to divide an order for narrow-body jets between Airbus and Boeing, according to sources familiar with the deal. (Sources)

UK 

BP – Co. reported another pipeline leak at its 30,000 BPD Lisburne field in Alaska. (RTRS)

Royal Dutch Shell – According to co.’s CEO, co. is in talks with Rosneft to pursue joint projects, including some in the Arctic. (Kommersant)

Land Securities – The outlook for development in London remains attractive and sales totalled GBP 94.0mln and were 15.9% above the March 2011 valuation according to the latest trade update. (RTRS)

Reckitt Benckiser – Colgate-Palmolive would only be able to carry out a merger with co. on a nil-premium basis, according to an Investec analyst. He also said that Procter & Gamble would be able to make a cash offer for co. but would run into regulatory issues. (Independent)

Companies paying dividend: MAN Group (USD 0.12500)

OTHER UK COMPANIES

IG Group – Co.’s adjusted profit before tax rose 3.4% to GBP 163mln, and adjusted diluted EPS rose 6.1% to EUR 0.3264. Co. declared a final dividend of EUR 0.1475 per share, and said total dividend rose 8% to EUR 0.20 per share. Co. said it has an encouraging start to the new financial year. (RTRS)

LSE – The Stock Exchange of Singapore is rumoured to be considering a bid for co. (Daily Mail)

Johnson Matthey – Co. has made further good progress in Q1 with underlying profit before tax increasing 19% to GBP 98.2mln. Co. says 1H of the year is exp. to be significantly ahead of the same period in 2010/11. (RTRS)

Micro Focus International – Co.’s shares fell yesterday as investors feared potential buyers might withdraw. (Daily Express)

Henderson Group – Co. sees first half 2011 underlying profit between GBP 83mln and GBP 87mln vs. Prev. GBP 48.5mln in the first half of 2010. (Sources)

FRANCE 

Total – Co.’s CEO is expected to meet French industry minister, Besson, to discuss gasoline prices as part of a regular work meeting, according to sources. (Les Echos)

EADS/Boeing – AMR Corp’s American Airlines is likely to divide an order for narrow-body jets between Airbus and Boeing, according to sources familiar with the deal. (Sources)

Air France – Seven co.’s cabin crew trade unions have called for a four day strike from 29th July to 1st August, 2011. (Sources)

OTHER FRENCH COMPANIES

Hermes – Co.’s Q2 sales rose 17.9% to EUR 668.4mln, and co. said 2011 sales could rise 12%-14%. Co. said it is difficult to make forecasts for 2011, however current operating margin should be close to 2010 level. (RTRS)

GERMANY

Siemens – Co. is expected to write down more than EUR 300mln at its health care division, according to sources close to the co. (Sueddeutsche Zeitung)

Metro – Co. aims to build 100 new outlets in Eastern Europe. (Handelsblatt)

PAN-EUROPEAN

The logjam of initial public offerings is building in Europe, after almost USD 10bln of flotations were shelved in the first half of the year due to market volatility and investors’ disillusionment with recent listings. (FT - More)

SMI

Swiss Banks – Germany expects Swiss Banks to deliver as much as EUR 10bln owed by tax evaders under a proposed tax agreement with Switzerland. (Handelsblatt)

Novartis – Co.’s Q2 net attributable USD 2.70bln vs. Exp. USD 2.99bln, and Q2 core EPS USD 1.48 vs. Exp. USD 1.44. Co.’s Q2 sales USD 14.9bln vs. Exp. USD 14.6bln, and co. maintained its 2011 sales forecast. Co. said it has removed the dividend limit of 35%-60% of net, adding that it will continue to look for bolt-on acquisitions. (Sources)

Roche – Co. said actemra subcutaneous injections demonstrated efficacy in rheumatoid arthritis in a phase 3 study in Japan. (Sources)

BROKER MOVES

OVERWEIGHT TESCO, HAS 44% UPSIDE, JPMORGAN SAYS

OVERWEIGHT BSKYB, HAS 16% UPSIDE, JPMORGAN SAYS

BRITISH LAND CUT TO NEUTRAL VS BUY AT GOLDMAN

BUY PRUDENTIAL, RESOLUTION, CITI SAYS AHEAD OF 1H

BASF CUT TO HOLD FROM BUY AT RBS

PEUGEOT ADDED TO RESTRUCTURING WATCH LIST AT UBS

FRANCE TELECOM UPGRADED TO NEUTRAL FROM SELL AT UBS

WEAK FUNDAMENTALS PREVENT POSITIVE VIEW ON ITALIAN BANKS: EXANE

NOMURA REMAINS CAUTIOUS ON ITALIAN BANKS, UNICREDIT L/T PICK

JP MORGAN LISTS EU TELCOS MOST LIKELY TO SURPRISE IN 2Q

EUROPEAN AIRLINES ATTRACTIVE, IAG TOP PICK; MORGAN STANLEY

CENTRAL, EAST EUROPE STOCKS ATTRACTIVE, SOCIETE GENERALE SAYS

CREDIT SUISSE 2011/12 EPS CUT 12% AT JPMORGAN ON FOREX

 

 

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